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Report Date : |
01.09.2012 |
IDENTIFICATION DETAILS
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Name : |
O AND G ENGINEERING GENERAL TRADING &
CONTRACTING CO WLL |
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Registered Office : |
Al
Ahmadi Area, Plot No. 6, Building 98/96/94, P O Box 92982 & 9315, Ahmadi 61003 |
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Country : |
Kuwait |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
04.07.1976 |
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Com. Reg. No.: |
116989 |
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Legal Form : |
With Limited Liability |
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Line of Business : |
General contractors |
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No. of Employees : |
220 employees |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
Kuwait |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
KUWAIT - ECONOMIC OVERVIEW
Kuwait has a geographically small, but wealthy, relatively open economy with crude oil reserves of about 104 billion barrels - about 7% of world reserves. Petroleum accounts for nearly half of GDP, 95% of export revenues, and 95% of government income. Kuwaiti officials have committed to increasing oil production to 4 million barrels per day by 2020. The rise in global oil prices throughout 2011 is reviving government consumption and economic growth. Kuwait has experienced a 20% increase in government budget revenue, which has led to higher budget expenditures, particularly wage hikes for many public sector employees. Kuwait has done little to diversify its economy, in part, because of this positive fiscal situation, and, in part, due to the poor business climate and the acrimonious relationship between the National Assembly and the executive branch, which has stymied most movement on economic reforms. In 2010, Kuwait passed an economic development plan that pledges to spend up to $130 billion over five years to diversify the economy away from oil, attract more investment, and boost private sector participation in the economy.
|
Source
: CIA |
Company Name : O AND G ENGINEERING GENERAL TRADING & CONTRACTING CO
WLL
Country of Origin : Kuwait
Legal Form : With Limited Liability - WLL
Registration Date : 4th July 1976
Commercial Registration Number : 116989
Trade Licence Number : 5906/2006
Chamber Membership Number : 5378
Issued Capital : KD 2,000,000
Paid up Capital : KD 2,000,000
Total Workforce : 220
Activities : General contractors.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
O AND G ENGINEERING GENERAL TRADING &
CONTRACTING CO WLL
Registered &
Physical Address
Location : Al Ahmadi
Area, Plot No. 6, Building 98/96/94
PO Box : 92982 & 9315
Town : Ahmadi 61003
Country : Kuwait
Telephone : (965) 1828822 / 23989252 / 23986443 / 23984234 / 23985570 / 23984233
Facsimile : (965) 23988855
Mobile : (965) 99733559
Email : sultanasad@sultanasad.com / ong@ongkuwait.com / info@ongkuwait.com
Premises
Subject operates
from a large suite of offices and a warehouse that are rented and located in
the Industrial Area of Ahmadi.
Name Position
·
Saqar
Abdullah Abdul Mohsin Al Sharhan Chairman
·
Abdul Hussain Juma Johar Sheba Managing
Director
·
Fahd Mohamed Fahd Al Rashed Director
·
Mohamed Ali Al Ansari General
Manager
·
Mamdoh Al Khadrawi Finance
Manager
·
Rafi
Nasser Sales
Manager
·
Joe
Moriyani Technical
Manager
Date of Establishment : 4th
July 1976
Legal Form :
With Limited Liability -
WLL
Commercial Reg. No. : 116989
Trade Licence No. : 5906/2006
Chamber Member No. : 5378
Issued Capital : KD 2,000,000
Paid up Capital : KD 2,000,000
Name of Shareholder
(s) Percentage
·
Al Dura Petroleum Services KSSC 100%
Safat
Activities: Engaged as
general contractors, specialising in oil field and gas equipment, marine and
petroleum
services.
Import
Countries: Japan and the
United States of America.
Operating Trend: Steady
Subject has a
workforce of approximately 220 employees.
Financial
highlights provided by local sources are given below:
Currency: Kuwaiti
Dinars (KD)
Year
Ending 31/12/10: Year Ending
31/12/11:
Total Sales KD
3,750,000 KD
4,100,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
·
Commercial
Bank of Kuwait
Mubarak Al Kabir Street
PO Box: 2861
Safat 13029
Tel: (965) 22411001
Fax: (965) 22450150
No complaints
regarding subject’s payments have been reported.
During the course
of this investigation nothing detrimental was uncovered regarding subject’s operating
history or the manner in which payments are fulfilled. As such the company is
considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.72 |
|
UK Pound |
1 |
Rs.87.95 |
|
Euro |
1 |
Rs.69.66 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
---- |
NB |
New Business |
---- |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors and their relative weights (as
indicated through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
This report is issued at your request without any risk
and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its
officials.